Hostel Provider Selina's New Funding Will Allow It to Survive Crisis: CEO
Photo Credit: Selina Playa Venao, one of the hotel and co-working company's properties in its home country of Panama. Selina
Skift Take
Selina grew up in a time when private market investors were willing to fund millions in early losses. Money papered over missteps. But managers now face an era that requires strict management discipline. Can it adapt?
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Before the global pandemic, Selina promised a booming business, betting that it could turn distressed real estate into revenue-generating lodging at scale. Founded in 2015, Selina grew at a time when private market investors were willing to fund millions in early losses for startups. In the past year, it went from running 46 properties in a dozen countries to having more than 110 leases, with close to 70 open properties. But the pandemic has jeopardized Selina's ambitions. Local governments have idled most of its properties during the epidemic. By mid-March, the company feared it was heading toward bankrupt